The Nontaxpaying Affluent Grew by 15%

[Texsox]

http://www.nytimes.com/2005/07/01/national...agewanted=print

 

The number of affluent individuals and married couples who paid no federal income taxes jumped more than 15 percent in 2002, to 5,650, new government data showed yesterday.

 

The chances of having a large income but not paying taxes on any of it are growing, according to the data, issued in the Internal Revenue Service's annual report to Congress on well-to-do Americans who live tax free. About one in every 436 high-income Americans paid no taxes in 2002, up from one in 531 in 2001 and one in 1,010 in 2000.

 

Over all, the top 2 percent of earners, the 2.5 million filers with income of $200,000 or more, paid almost 27 cents in taxes for each dollar of income they reported in 2002, other I.R.S. data showed. This group accounted for 53.5 percent of the income tax paid by all Americans.

 

Among that high-income group, however, almost 83,000, or one in 33, paid less than a dime in taxes for every dollar of income. An additional 79,000 paid less than 15 cents. The average for all Americans was 13 cents.

 

Congress taxes Americans on their worldwide income. Of the 5,650 individuals and couples who paid no income taxes to the United States, only 728 paid any to a foreign government, while 4,922 lived completely free of income tax.

 

We need to cut everyone's taxes to zero and then watch the economy grow like crazy. The government wouldn't know what to do with all the money.

[JUGGERNAUT]

Top 2% = 53%+ of federal income tax paid. WOW!